XBRL Filings Revenue Increases by 177% NEW YORK, July 29
/PRNewswire-FirstCall/ -- EDGAR(R) Online(R), Inc. (NASDAQ:EDGR)
today announced that revenues increased 13% to $4.9 million for the
quarter ended June 30, 2008, compared to $4.4 million for the same
quarter last year. Total revenue for the six months ended June 30,
2008 increased 17% to $9.9 million, compared to $8.5 million in the
same period prior year. Adjusted EBITDA, which has improved
sequentially since the first quarter of 2007, increased $717,000 to
$210,000 for the quarter ended June 30, 2008, compared to
($507,000) for the same quarter last year. Adjusted EBITDA for the
six months ended June 30, 2008 increased $1.8 million to $385,000,
compared to ($1.4 million) in the same period prior year. EDGAR
Online is a leading provider of business and financial information
on global companies. "We are pleased with our performance this
quarter. Despite the current uncertain economic conditions, we have
been able to deliver double-digit revenue growth across our
business and improvements in EBITDA. Our data and solutions
business continues to grow at greater than 20% year over year and
has eclipsed our legacy businesses. We are particularly proud of
the stellar growth we've had in our XBRL filings business. The May
announcement by the SEC of a proposed mandate of XBRL filings for
all 12,000 filers in the US equities market has accelerated this
business. We have created over 100 XBRL filings year to date. Over
80 percent of these filings have been created since this May
announcement. As of the end of the second quarter of 2008, we have
created 42% of all corporate XBRL filings filed up on SEC.GOV.
Clearly, the market is moving to XBRL and customers are seeing the
value in our low-cost high-fidelity solution. We are proud that our
financial results are starting to demonstrate the value proposition
of our XBRL technologies for customers and stockholders," said
Philip Moyer, EDGAR Online President and CEO. Operating loss was
($551,000), or ($0.02) per share, for the three months ended June
30, 2008 compared to ($2.3 million), or ($0.09) per share, for the
same quarter last year. The improvement of $1.75 million in
operating loss for the second quarter of 2008 (as compared to the
second quarter of 2007) was primarily due to an increase in
revenues of $560,000, lower operating expenses, and non-recurring
charges of approximately $1 million due to severance costs and
sales tax accrual. Net loss was ($687,000), or ($0.03) per share,
for the three months ended June 30, 2008 compared to ($2.4
million), or ($0.09) per share, for the same quarter last year.
Operating loss was ($1.2 million), or ($0.04) per share, for the
six months ended June 30, 2008 compared to ($3.9 million), or
($0.15) per share, for the same period last year. Net loss was
($1.4 million), or ($0.05) per share, for the six months ended June
30, 2008 compared to ($4.0 million), or ($0.15) per share, for the
same period last year. Deferred revenue increased 13% to $4.7
million at June 30, 2008, compared to $4.1 million at December 31,
2007. Deferred revenue represents amounts billed to customers that
will be recognized as revenue in future quarters as the Company's
subscription and data products are utilized. At June 30, 2008,
cash, cash equivalents and short-term investments totaled $2.9
million, compared to $3.8 million at December 31, 2007. KEY
FINANCIAL METRICS (in thousands, except per share amounts) Three
Months Ended Six Months Ended June 30, June 30, 2007 2008 2007 2008
Subscriptions $ 2,209 $2,180 $ 4,353 $ 4,327 Data and solutions
1,956 2,553 3,712 5,257 Advertising and e-commerce 192 188 394 328
Total Revenues $ 4,357 $4,921 $ 8,459 $ 9,912 Net loss $(2,403) $
(687) $(3,955) $(1,392) Interest expense, net 70 136 53 226
Operating loss (2,333) (551) (3,902) (1,166) Severance costs 631 -
631 40 Stock compensation 368 298 634 581 Sales tax accrual 390 -
390 - Amortization and depreciation 437 463 874 930 Adjusted EBITDA
$ (507) $210 $(1,373) $385 Net loss per share $ (0.09) $(0.03) $
(0.15) $ (0.05) Adjusted EBITDA per share $ (0.02) $ 0.01 $ (0.05)
$ 0.01 In addition to disclosing financial results prepared in
accordance with GAAP, the Company discloses information regarding
Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure
defined as earnings before interest, taxes, depreciation and
amortization. Adjusted EBITDA also excludes severance costs, a
non-recurring charge related to a sales tax audit settlement and
the non-cash charge for stock compensation expense. As required by
the SEC, the Company provides the above reconciliation to net loss,
which is the most directly comparable GAAP measure. The Company
presents adjusted EBITDA as it is a common alternative measure of
performance that is used by management as well as investors when
analyzing the financial position and operating performance of the
Company by excluding certain non-cash expenses, such as stock
compensation expense, as well as non-operating items that are not
indicative of its core operating results. Further, this non-GAAP
financial measure is one of the primary indicators management uses
for planning and forecasting future periods. As adjusted EBITDA is
a non-GAAP financial measure, it should not be considered in
isolation or as a substitute for net loss or any other GAAP
measure. Because not all companies calculate adjusted EBITDA in the
same manner, the Company's definition of adjusted EBITDA might not
be consistent with that of other companies. EDGAR Online will hold
its quarterly conference call to review results for the quarter
ended June 30, 2008 today, Tuesday, July 29, 2008, at 5:00 p.m.
EDT. Philip Moyer, CEO and President, and John Ferrara, CFO, will
host the call. To participate, please call (866) 334-3876
(toll-free for domestic callers), or (416) 849-4292 (international
callers). The call will also be broadcast simultaneously over the
Internet at: http://www.edgar-online.com/investor/. The
teleconference replay will be available for approximately one week
beginning at 7 p.m. on July 29, 2008 by calling (866) 245-6755
(domestic) or (416) 915-1035 (international), passcode 678857.
About EDGAR Online, Inc. EDGAR Online, Inc. (NASDAQ:EDGR),
http://www.edgar-online.com/, is a leading provider of value-added
business and financial information on global companies to
financial, corporate and advisory professionals. The Company makes
information and a variety of analysis tools available via online
subscriptions and licensing agreements to a large user base.
"Forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995 may be included in this news release.
These statements relate to future events and/or our future
financial performance. These statements are only predictions and
may differ materially from actual future events or results. EDGAR
Online, Inc. disclaims any intention or obligation to revise any
forward-looking statements whether as a result of new information,
future developments or otherwise. Please refer to the documents
filed by EDGAR Online, Inc. with the Securities and Exchange
Commission, which identify important risk factors that could cause
actual results to differ from those contained in forward-looking
statements, including, but not limited to risks associated with our
ability to (i) increase revenues, (ii) obtain profitability, (iii)
obtain additional financing, (iv) changes in general economic and
business conditions (including in the online business and financial
information industry), (v) actions of our competitors, (vi) the
extent to which we are able to develop new services and markets for
our services, (vii) the time and expense involved in such
development activities, (viii) risks in connection with
acquisitions, (ix) the level of demand and market acceptance of our
services, and (x) changes in our business strategies. EDGAR(R) is a
federally registered trademark of the U.S. Securities and Exchange
Commission. EDGAR Online is not affiliated with or approved by the
U.S. Securities and Exchange Commission. EDGAR Online, Inc.
Condensed Consolidated Statements of Operations (in thousands,
except per share amounts) Three Months Ended Six Months Ended June
30, June 30, (unaudited) (unaudited) 2007 2008 2007 2008 Revenues:
Subscriptions $ 2,209 $ 2,180 $ 4,353 $ 4,327 Data and solutions
1,956 2,553 3,712 5,257 Advertising and e-commerce 192 188 394 328
Total revenues 4,357 4,921 8,459 9,912 Total cost of sales 746 781
1,425 1,579 Gross profit 3,611 4,140 7,034 8,333 Sales and
marketing 1,308 1,185 2,603 2,400 Product development 837 1,083
1,862 2,104 General and administrative 2,731 1,960 4,966 4,025
Severance costs 631 - 631 40 Amortization and depreciation 437 463
874 930 Total operating expenses 5,944 4,691 10,936 9,499 Operating
loss (2,333) (551) (3,902) (1,166) Interest expense, net (70) (136)
(53) (226) Net loss $(2,403) $ (687) $(3,955) $(1,392) Weighted
average shares outstanding - basic and diluted 26,011 26,363 25,920
26,321 Net loss per share - basic and diluted $ (0.09) $ (0.03) $
(0.15) $ (0.05) EDGAR Online, Inc. Condensed Consolidated Balance
Sheets (in thousands) December 31, June 30, 2007* 2008 (unaudited)
Assets Cash, cash equivalents and short-term investments $ 3,778 $
2,882 Accounts receivable, net 2,799 3,071 Other assets 233 287
Total current assets 6,810 6,240 Property and equipment, net 1,192
1,215 Goodwill 2,189 2,189 Intangible assets, net 4,198 3,575 Other
assets 1,232 1,108 Total assets $15,621 $14,327 Liabilities and
Stockholders' Equity Accounts payable and accrued expenses $ 3,422
$ 2,464 Deferred revenues 4,116 4,668 Current portion of long-term
debt 125 313 Total current liabilities 7,663 7,445 Long-term debt
2,281 2,114 Other long-term liabilities 637 460 Total liabilities
10,581 10,019 Stockholders' equity: Common stock 274 275 Treasury
stock (1,959) (1,885) Additional paid-in capital 71,902 72,487
Accumulated deficit (65,177) (66,569) Total stockholders' equity
5,040 4,308 Total liabilities and stockholders' equity $15,621
$14,327 * Derived from the Company's audited December 31, 2007
financial statements. DATASOURCE: EDGAR Online, Inc. CONTACT: John
C. Ferrara, Chief Financial Officer of EDGAR Online, Inc.,
+1-212-457-8200, Web site: http://www.edgar-online.com/
http://www.edgar-online.com/investor
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